I-3 - Taxation Act

Section 822 Disposition versions

2006-03-01

822. The following rules apply for the purposes of computing the income of an insurer:

(a)  any amount received under a contract or arrangement mentioned in section 817 is deemed to be received in the course of carrying on such insurance business;

(b)  his income must, except when otherwise provided in this Title, be computed in accordance with the rules applicable to the computation of the income for the purposes of this Part;

(c)  any income from property vested in the insurer is deemed to be his income; and

(d)  all taxable capital gains and allowable capital losses resulting from the disposition of property vested in the insurer are deemed to be such gains or losses of the insurer.

1972, c. 23, s. 615; 1973, c. 17, s. 93.